7 of the Economics glossary’s terms, each with the part of the syllabus where you first meet it.
An expansionary monetary policy in which the central bank creates new reserves to buy large quantities of financial assets, mainly government bonds, to lower long-term interest rates and raise the money supply.
The reversal of quantitative easing, in which the central bank reduces its holdings of bonds by selling them or not replacing them when they mature, shrinking bank reserves.
The amount of a good or service that consumers are willing and able to buy at one particular price during a given time period.
The amount of a good or service that producers are willing and able to sell at one particular price during a given time period.
A good that has some, but not all, of the characteristics of a public good, for example a road that is non-excludable but becomes rivalrous when congested.
A legal limit on the quantity or value of a good that may be imported into a country over a period of time.
The extra revenue earned by whoever holds the right to import under a quota, equal to the gap between the domestic price and the world price times the quantity imported.